So the historical argument has to be amended to: "History shows that high growth is not incompatible with high tax rates, so long as the tax code is porous enough to make the actual tax rate irrelevant."
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Claims that the US had great economic growth despite high income tax rates in the mid 20th century conveniently ignore the fact that the amount of tax actually *collected* was about the same as today.pic.twitter.com/b3jBE9w3oO
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That's kind of the point though. The rich were disincentivisted to stockpile, so they invested heavily in growth... to avoid taxation. The economy boomed as a result.
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Now show the distributions, and the gaps between income brackets
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Someone feels threatened.
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Given taxation is literally the act of threatening people into forfeiting their property to mob-driven armed goons under threats of harm/violence, I'd say folks have every reason to feel threatened.pic.twitter.com/EdqqG6R75M
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We sure are happy to give that 17% for all the wonderful things the gov is doing.
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This argument ignores political effects of economic disparity. "Income inequality". You're not going to explain away titans of industry gaining 100s of billions in net worth without getting more taxes
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That's because few people earned enough to pay the top rate at the margin; part of the point of the tax rate is to flatten the income distribution. This distribution wasn't about the same as today. https://upload.wikimedia.org/wikipedia/commons/0/0c/Income_inequality_panel_-_v1.png …
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I can think of various counter points to this valid counter point (for example, what was the tax revenue breakdown by income level compared over time, etc.) but I think one thing we’d agree on is there needs to be more data research done on these popular comparisons.
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